For sale by owner
I was prowling around Overstock.com just to see what they have in the way of real estate listings and came across this listing for 9 Fitch Lane in Riverside . I don’t know if its seller/owner has taken the wisest course of action here. This is a perfectly nice new house, cheek by jowl with the Post Road but with a decent view of Cos cob Harbor. I liked it, especially when its price dropped from $1,295,000 to $1,099,000. Apparently I was alone in that admiration because the listing expired unsold after a year on the market in November of last year. The owner pulled it from our multi-list system and relisted it himself on one of those for sale by owner sites at $1,175,000.
It seems to me, and I could be wrong, that if 1,000 agents couldn’t move this place at $1.09 million the owner himself is unlikely to achieve that goal by pricing it for $85,000 more. If I were a buyer, I’d automatically discount the asking price 5%, figuring that the seller wasn’t paying a commission, and then I’d want to look hard at that asking price. If the house didn’t sell before, isn’t that a sign that it’s worth less, not more than $1,090,000? Just asking.